GE 2014 Annual Report Download - page 43

GE 2014 FORM 10-K 23
MD&A
MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS (MD&A)
PRESENTATION
The consolidated financial statements of General Electric Company (the Company) combine the industrial manufacturing and
services businesses of General Electric Company (GE) with the financial services businesses of General Electric Capital
Corporation (GECC or financial services). Unless otherwise indicated by the context, we use the terms “GE” and “GECC” on
the basis of consolidation described in Note 1 to the consolidated financial statements in this Form 10-K Report.
Net earnings of GECC and the effect of transactions between segments are eliminated to arrive at total consolidated data.
Prior to January 28, 2011, we operated a media company, NBC Universal, Inc. (NBCU). Effective January 28, 2011, we held a
49% interest in a media entity that included the NBC Universal businesses (NBCU LLC). On March 19, 2013, we completed
the sale of our remaining 49% common equity interest to Comcast Corporation.
We integrate acquisitions as quickly as possible. Revenues and earnings from the date we complete the acquisition through
the end of the following fourth quarter are considered the acquisition effect of such businesses.
Discussion of GECC’s total assets excludes deferred income tax liabilities, which are presented within assets for purposes of
our consolidating statement of financial position presentations for this filing.
See the Glossary section of this Form 10-K for a definition of equipment and services sales as used in this Form 10-K Report
as compared to the product and services split on the Statement of Earnings.
Amounts reported in billions in graphs and tables within this Form 10-K report are computed based on the amounts in millions.
As a result, the sum of the components reported in billions may not equal the total amount reported in billions due to rounding.
Discussions throughout this MD&A are based on continuing operations unless otherwise noted.
REFERENCES
The MD&A should be read in conjunction with the Financial Statements and Notes to the consolidated financial statements.
For additional information related to GE Capital segment operations and the portfolio quality of financing receivables, refer to
the General Electric Capital Corporation annual report on Form 10-K for the year ended December 31, 2014.
NON-GAAP FINANCIAL MEASURES
As discussed in the “About GE” section of this Form 10-K, we use certain “non-GAAP financial measures” throughout the
MD&A. The reasons we use these non-GAAP financial measures and the reconciliations to their most directly comparable
GAAP financial measures are included in the “Supplemental Information” section within the MD&A of this Form 10-K Report.
Non-GAAP financial measures referred to in this Form 10-K Report are designated with an asterisk (*).